Semi-smoked sausages were made with 5%, 10%, 15%, 20%, and 25% replacement of horsemeat by emulsion gel made with offal broth (stomach, kidney, liver, heart, brain, and a miscellaneous trimmings of a horse), pumpkin flour, and egg yolk in a ratio of 5:4:1. The technological, nutritional, oxidative, and rheological (G′ and G″) properties were studied. Sausage water holding capacity (WHC) rose after being incorporated with pumpkin-based emulsion gel (PEG). There was a statistically significant (p < 0.01) improvement in sausage emulsion stability. Lipid oxidation in all samples, especially 5% and 15% addition of emulsion gel samples, was below the rancidity criterion, which is TBARS > 2.0–2.5 mg MDA/kg sample. This really is encouraging because unsaturated fatty acids, such as those found in horsemeat, are easily oxidized. Use of the emulsion gel did not noticeably alter the sausages’ pH. Using emulsion gel considerably reduced the cooking loss (p < 0.05) of sausages and significantly improved texture (p < 0.05). Partial replacement of mixed horsemeat with emulsion gel improved the physicochemical characteristics of semi-smoked sausages. The elasticity modulus (G′) showed that PEG15 (15% of emulsion gel) was the most resilient gel. The least powerful gels (p < 0.05) were PEG20 and PEG25. According to this study, adding a pumpkin-based emulsion gel to the meat matrix could improve the quality of the emulsified meat system and provide important data for related research and companies as strategies to market a healthier and more nutritious product with the necessary quality characteristics.